Investors should consider taking a look at First Solar , according to Barclays. Analyst Christine Cho upgraded the solar panel maker to overweight from an equal weight rating, saying in a Thursday note that the stock’s valuation offers an attractive opportunity for investors. Cho added that shares trade at a significant discount to competitors when looking at 2025 price to earnings. FSLR YTD mountain First Solar shares year to date “In an environment where there is uncertainty around the trajectory of utility-scale growth, we think FSLR’s contracted backlog, domestic content advantages and current valuation offers an attractive entry point,” she wrote. First Solar shares have slumped 6% this month and sit just about 1% higher for the year. The firm trimmed its price target to $224 a share, though the new forecast reflects nearly 48% upside from Wednesday’s close. Shares rose more than 3% before the bell. According to Cho, investors are penalizing First Solar for a handful of “overblown” risks. This includes concerns of a dial back of the Inflation Reduction Act, declining module prices that could hinder future bookings or cancel current orders, and a slowdown in the utility-scale business that could extend deliveries. Despite these mounting slowdown fears, First Solar offers some of the best visibility within the sector due to multiyear backlog and “unmatched position” regarding the domestic content credit available under the IRA, Cho said. “At this time, we think only US-produced FSLR panels can get a developer to the 40% domestic content threshold required by the IRA,” she said. “As a result, we think that even in the face of a utility-scale slowdown, demand for US-produced FSLR panels would still remain robust and insulated from the risk.” Barclays isn’t the only bank that’s bullish on First Solar. Last month, Bank of America reiterated a buy rating on the stock, citing an attractive valuation and the company “effectively” confirming ” lofty expectations on earnings potential .” — CNBC’s Michael Bloom contributed reporting